BOTHELL, Wash. and MUMBAI, India, July 22, 2009 (GLOBE NEWSWIRE) -- NEAH Power (OTCBB:NPWS) www.neahpower.com, the company leading development in fuel cells for the military and portable electronic devices, reported today that Wearology Ltd., a Poddar Group division, and associated entities, have committed to invest up to $500,000 in NEAH.
Dr. Christopher D'Couto, NEAH's CEO, and Rohitashwa Poddar, Group Managing Director, Poddar Group in Mumbai, India, announced the covenant jointly, saying the two companies' business plans support their joint philosophy of environmentally friendly, pollution-free businesses. "This capital infusion will allow a rapid move to the AMEX, and facilitates funding for production of prototypes for various companies, such as Hobie Boats, EKO Vehicles, of India, and others which we have joint venture deals with," D'Couto said. "Buzz Financial Services (www.12buzz.com) assisted in this transaction, for which we are appreciative."
The Poddar Group of Companies in India includes Wearology Ltd, Organically Grown, Poddar Developers, Poddar Infrastructure and Idhasoft Ltd. Wearology Limited, the division taking the investment position, is a Public Limited Company, listed on the BSE in Mumbai, India, with offices in the USA, India, China, Italy, and headquartered in Mumbai.
Rohit Poddar, commented, "This is an exciting opportunity for the Poddar Group to participate in what will be a tectonic shift in global energy production. All of the Poddar Group's many businesses will benefit as a result."
Rohit Poddar, who was elected into the Global Leadership Initiative this year at the Aspen Institute India-Goldman Sachs India Leadership Initiative of Accomplished Leaders, provides executive leadership in the real estate, sustainable textiles, organic farming and ITeS segments, part of a virtual manufacturing, services and knowledge-driven business, with an emphasis on environmentally sustainable practices.
About NEAH Power
NEAH Power Systems, Inc. (NPWS) is developing long-lasting, efficient and safe power solutions for the military and for portable electronic devices. NEAH uses a unique, patented, silicon-based design for its micro fuel cells that enable higher power densities, lower cost and compact form-factors. The company's micro fuel cell system can run in aerobic and anaerobic modes.
About Wearology, Ltd., a part of The Poddar Group (TPG)
Wearology specializes in Organic Farming, Organic Apparel, and Anti-Microbial Healthcare Solutions, farming 10,568 acres of USDA certified 100% organic land growing cotton, soy, bamboo, vegetables, fruits and spices. Sustainable processes include water conservation, harvesting and treatment, and energy sources include windmills for power generation.
Forward-Looking Statements
This press release contains forward looking statements and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. Factors that might cause such material difference include, among others, our limited operating history, potential research and prototype delays, difficulties in developing and commercializing new technologies.